A set of retail condos in New York City is selling for $29 million exclusively in Bitcoin, signaling a growing trend of luxury real estate purchases being made using cryptocurrency.
Three retail condos totalling 9,000 square feet in Manhattan’s Gramercy Park are being listed by Magnum Real Estate Group, with Bitcoin being the only accepted form of purchase, according to Yahoo! Finance.
A sale would be processed by BitPay, a Bitcoin payment service provider that will receive the cryptocurrency payment and convert it to dollars, allowing Magnum to receive the purchase in cash.
Bitcoin hit its all-time high of nearly $69,000 last week, and Magnum Real Estate managing partner Ben Shaoul said he expected some crypto owners will begin to want to diversify their investments.